Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978 s 20
Bank Kerjasama Rakyat Malaysia Berhad (Special Provisions) Act 1978 s 20
s 20 Subsidiaries of the Bank
(1) The Board may establish subsidiaries under the Companies Act 1965 [Act 125], but before doing so the Board shall submit its proposal for that purpose to the Minister and the Minister of Finance, and no subsidiary shall be established unless the proposal has been approved by the Minister with the concurrence of the Minister of Finance.
(2) Notwithstanding anything contained in any other written law to the contrary, the subsidiaries established by the Bank before the commencement of this Act shall be deemed to have been lawfully established.
(3) The Minister may, with the concurrence of the Minister of Finance, direct the Bank to wind up any of its subsidiaries established before the commencement of this Act and the directors shall comply with such direction.
(4) Notwithstanding anything contained in any other written law to the contrary, it shall be lawful for the Board to permit in writing any officer or employee of the Bank to hold any executive office in any subsidiary of the Bank.
Malay text (authoritative)
Subsidiari Bank
(1) Lembaga boleh menubuhkan subsidiari di bawah Akta Syarikat 1965, tetapi sebelum berbuat demikian Lembaga hendaklah mengemukakan cadangannya bagi maksud itu kepada Menteri dan Menteri Kewangan, dan tiada subsidiari boleh ditubuhkan melainkan
Bank Kerjasama Rakyat Malaysia Berhad (Peruntukan Khas) 23
jika cadangan itu telah diluluskan oleh Menteri dengan persetujuan Menteri Kewangan.
(2) Walau apa pun apa-apa jua yang terkandung dalam mana-mana undang-undang bertulis lain yang berlawanan, subsidiari yang ditubuhkan oleh Bank sebelum permulaan kuat kuasa Akta ini hendaklah disifatkan telah ditubuhkan dengan sah.
(3) Menteri boleh, dengan persetujuan Menteri Kewangan, mengarahkan Bank supaya menggulung mana-mana subsidiarinya yang ditubuhkan sebelum permulaan kuat kuasa Akta ini dan pengarah hendaklah mematuhi arahan itu.
(4) Walau apa pun apa-apa jua yang terkandung dalam manamana undang-undang bertulis lain yang berlawanan, sah bagi Lembaga untuk membenarkan secara bertulis mana-mana pegawai atau pekerja Bank memegang apa-apa jawatan eksekutif dalam mana-mana subsidiari Bank.
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
